In the growing subscription-based digital business, business owners are continuously seeking ways to optimize their revenue sources, simplify and upscale the workflow, and gain an advantage over competitors in the client-centric economy.
Adopting SAP BRIM technology can be a game-changer for companies struggling to streamline various billing scenarios and optimize the entire process of revenue management. What does SAP BRIM stand for? What benefits does it offer? How to find the best SAP BRIM solution for your company? Today we answer all questions about the billing and revenues management system, its functionality, and applications. Let’s dive in!
What Is SAP BRIM?
SAP BRIM is an acronym that stands for SAP Billing and Revenue Innovation Management. The cloud-based software has been designed specifically to help businesses optimize their revenue handling, including:
- Billing and invoicing automation
- Revenue sharing capabilities
- Integration into the SAP ecosystem.
Formerly known as SAP Hybris Billing, SAP BRIM helps enterprises take better control of financial operations, implement a responsive business model, improve customer satisfaction, and increase ROI. Generally, the software is used primarily for usage-based and recurring billing, quote-based invoicing, and optimized revenue management. The solution has widespread application in the telecommunication industry and other subscription-based niches.
SAP BRIM: Functionality and Special Features
The user-friendly intuitive interface simplifies the process of customized billing. The software can be easily integrated with existing IT infrastructures and helps to unify information related to products, pricing, and customers. Hence, businesses can make better-informed decisions.
- Consolidated invoicing tools.
- Financial management.
- Public multi-tenant SaaS offering.
- Customizable charging models.
- Event management capabilities
- Order management.
Advanced segmentation in billing & invoicing is a key component of earning client loyalty: monitoring, client categorization, and tailored reward approach allow incentivizing and targeting certain segments. Expansion of customer loyalty facilitates to reduce associated costs and boost profitability.
The SAP BRIM functionality enhances the end-to-end billing cycle: automated invoice generation, usage- and subscription-based model management, processing of payments, revenue stream management, and real-time analytics for better decision-making. The software helps to streamline the administration of subscriptions, invoices, and relevant service management through optimizing offerings and payment systems.
How Does SAP BRIM Work?
SAP BRIM represents a comprehensive financial solution for enterprises with multiple recurrent revenue sources. The software helps to optimize the entire revenue flow process. The software solution represents a unified SAP ecosystem that incorporates custom invoicing, revenue flow, and customer experience management modules. The system streamlines the entire cycle, from the initial order to the final revenue acquisition.
The revenue management solution includes the following stages:
- Design. The system allows the creation of flexible pricing models and agreements for more efficient offerings for customers.
- Sales. The functionality includes both quote and contract management for more efficient business models.
- Delivery. For more flexibility, the system provides metering, charging, and rating functions for optimized billing (both recurring and one-off).
- Billing. Flexibility in billing and revenue management is achieved through pre-billing and granular invoice control.
Key Benefits of SAP BRIM Solutions
Automated billing & revenue management enable companies to adapt and thrive in the competitive environment and shift the overall business process into a more efficient and profitable corporate model. Incorporating SAP BRIM, companies take advantage of:
- Automated billing process: accurate invoices, error elimination, and optimized billing ensure a positive experience for customers.
- Pricing model flexibility. To service various groups of clients and earn their loyalty you need flexible offerings. The software allows companies to adapt their pricing and offerings to serve different customer requirements.
- Optimized revenue cycle management. With built-in analytics and reporting, enterprises receive valuable insights into consumption trends, market trends, and revenue flows for optimized strategic planning.
- Enhanced customer experience. By implementing the solution, businesses can meet customer requirements with more precision and flexibility — the software processes huge data volumes fast and efficiently.
- Seamless end-to-end integration. The system can be integrated with various SAP and third-party tools enhancing data consistency and seamless document-flow operations.
In general, the SAP BRIM solution maps the overall offer-to-cash process for enterprises across various industries.
SAP BRIM Components
There are four key SAP BRIM components for billing & revenue management:
- Subscription order management. This component allows subscription-based services to control and manage catalogs, track service bundles, and improve overall contract management.
- SAP convergent invoicing. Diverse billing sources can be combined into a single invoice providing better accessibility and visibility within the ecosystem. The software ensures optimized fast processing of high data volumes.
- SAP convergent charging. Different pricing models, including one-off, usage-based, and recurring, can be integrated within a single system for optimized business performance.
- Contract accounting. This component ensures all-embracing financial management, including automated payment processing and optimized revenue flow handling.
For most cases, these four components meet all requirements. Yet still, some companies look for more flexible and tailored solutions and use extra-on components:
– OpenText
– SAP Convergent Mediation
– Payment Gateways
– SAP Revenue Accounting & Reporting
– SAP Customer Finance Management
Given the industry-specific requirements, companies can integrate add-ons to complement SAP BRIM and create more robust and customized solutions to meet unique business needs.
Wrapping it all up, SAP BRIM is a powerful tool that helps both large and small enterprises manage various recurring sources of revenue. With CLARITY, an expert SAP provider, automation and overall digital transformation of corporate processes is smooth and easy: custom-tailored SAP BRIM solutions not only streamline the workflow, improve routine billing procedures, and provide more upselling and cross-selling opportunities, but also contribute to enhanced client satisfaction and, consequently, revenue growth.